ES (SPX, SPY) Analysis, Key Zones & Setup for Fri, Jun 26[E-mini S&P 500 FuturesCME_MINI:ES1!MyAlgoIndex Bias: Cautiously bearish, fade-the-bounce. Thursday's benign inflation pop was sold all day to a flat close at the lows, a failed breakout, and the index has slid back below the dealer pivot to test the 7,368 put wall this morning, with the tech complex leading lower and rate-hike odds rising for the first time since 2023. Sitting below the 7,448 dealer pivot and the 7,468 volatility inflection keeps dealer hedging in amplifying mode, though positive gamma building on either side cushions the downside, with real support near 7,168 and the bigger magnets at 7,068 and 6,968 into the June 30 expiration. The bias stays lower while price holds under 7,448, and a reclaim of 7,468 flips it constructive. No entries before 9:45 ET, let the opening range form. Resistance: 7,438 (daily pivot, 50-day average, gamma flip, first reclaim for bulls) 7,448 (dealer pivot, bearish below) 7,468 (volatility inflection, flips hedging back to dampening) 7,478 (1st resistance pivot, 5-day average) 7,494 (prior-session high, one-deviation band) 7,529 (2nd resistance pivot, 20-day average) 7,568 (call-heavy resistance) Support: 7,391 (Thursday session low, 1st support pivot) 7,368 (put wall, the key level being tested this morning) 7,355 (one-deviation band) 7,340 (2nd support pivot) 7,306 (one-month low, base of the range) 7,168 (next support where positive gamma builds) 7,068 (primary positioning magnet into June 30 expiration) Primary Setup: Short the bounce. A failed retest of 7,448 to 7,468 that rejects with weak internals targets 7,368, then 7,340, then 7,306, with a stop above 7,478. A clean break and hold below 7,368 is the lower-conviction continuation entry. Invalidation is a sustained reclaim above 7,468 with strong internals, which opens 7,494 then 7,529. The tech complex and next week's jobs report into a holiday-shortened week are the drivers that decide whether this corrective leg deepens.